Allianz and Aon Team Up with Apple on Cyber Attack Insurance

Apple and Cisco Systems Inc have teamed up with insurer Allianz and Aon to offer discounts on cyber insurance to businesses that primarily use equipment from both technology companies. Cyber crime is growing and according to Lloyds, the cost globally is some $400billion every year. Every business that takes out cyber crime insurance cover needs to offer their insurer a detailed insight into their IT network, protocols, software used, password procedures, firewalls etc.

The deal offers a useful built-in solution, which will help businesses fortify their cyber security defenses and make them eligible to score more favourable rates for cyber coverage, such as lower premiums, along with support services in the event of attack, the companies said.

“The key here is a holistic approach to cyber,” Jason Hogg, chief executive officer of Aon Cyber Solutions, which helped develop the product, said in an interview.

The offering helps to streamline cyber security for businesses, which Hogg said are often addressed in a “siloed manner,” with everyone from technology staff to legal departments playing separate roles.

In a statement on the Apple website this week, the smartphone and iPad company said that the new initiative would offer companies the chance to evaluate their `cyber posture’ and enhance their defence against hacking and data thefts.